TOTAL FACTOR PRODUCTIVITY AND ITS DETERMINANTS IN THE EUROPEAN UNION
| Authors | |
|---|---|
| Year of publication | 2016 |
| Type | Article in Periodical |
| Magazine / Source | Journal of International Relations |
| MU Faculty or unit | |
| Citation | |
| Web | http://fmv.euba.sk/files/MV_2016_1_19-35_Cekmeova.pdf |
| Field | Economy |
| Keywords | Total Factor Productivity; Determinants of Total Factor Productivity; European Union; Bayesian Model Averaging; Growth Accounting |
| Description | The issue of the European productivity is a central theme of many economic and policy debates as a relatively low level of productivity constitutes a serious problem for the European economies. The aim of this paper is to calculate the total factor productivity growth for the European member states and find out its most significant determinants. As analytical tools we apply the growth accounting method and the Bayesian Model Averaging. The analysis is executed on yearly observations for 19 member states of the European Union covering the period from 1996 to 2014. The results suggest that the most robust factor with positive effect is the openness and that the considerably high impact can be attributed to active labour market policies. |
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